The United States of America (USA) is one of the most developed countries in the world, both economically and industrially. Apart from having the highest GDP in the world, the USA is ranked well on human development index and economic diversity. The country comprises 50 states, with millions of visitors flocking it every year to realize their American dream. Not surprisingly, there are a plethora of locations in this land of opportunities – each with its unique hallmark for company formation. This has made business setup in US a very lucrative proposition.
Here’s a look, in random order, at the top cities to open your company in USA.
1. Provo, Utah
Utah is home to 86 of the fastest-growing companies in America. Brigham Young University, being the third-largest private college enrolled in the US, generates many job opportunities by holding the third position in the number of start-ups produced through university research. More than $17 million has been raised by 60 companies started by BYU grads. The Utah Governor’s Office of Economic Development is a repository of helpful business programs and partners. And non-profits offer microenterprise and small business loans. Aside from government business programs, there are local initiatives in many Utah cities that provide services like start-up buildings, cheap co-working spaces, graphic designers, computer coders, marketers, etc., and thus contribute a lot to the economy.
2. Raleigh, North Carolina
Referred to as the “Research Triangle”, the Raleigh-Durham area of North Carolina is known for its high-tech research companies and universities. It has been ranked 2nd on Forbes list for best places for business and careers. Additionally, with major tech employers, Raleigh is also known as a major tech hub, with large tech companies such as IBM, Cisco, Red Hat, etc.
3. Fort Collins, Colorado
This fast-growing northern Colorado city is home to Colorado State University offering many job opportunities in the tech sector. Many high-tech companies have relocated to Fort Collins because of the resources of CSU and its research facilities. It also has a mixed economy of manufacturing and service-related business accounting to industries like clean energy, bioscience, and agri-tech businesses.
4. Dallas, Texas
The city of Dallas is one of the most vibrant and fastest growing cities in the United States. Being home to a number of prominent institutions of higher learning, a mix of professional sports teams and many significant historical sites Dallas is an ideal city to those who are looking to start or relocate their business. But the major attraction for investment in Dallas is its real estate business which has acts as an excellent investment opportunity for both local and national investors. All these business opportunities have made Dallas the 3rd most popular destination for business travel in the US.
5. San Francisco, California
San Francisco has been named number 1 high-tech job growth market for the sixth year in a row with a 39.4% job growth and by growing four times faster than the national average. Acting as the base for some of the country's largest banks, the Pacific Exchange, and over 30 international financial institutions, San Francisco is a centre for world commerce. Various aerospace industries also maintain major research facilities in the area. Another high-technology industry in the area is medical science; several hundred companies in the Bay Area are setting the pace in research and development of pharmaceutical products, medical electronics, and genetic engineering. Almost one-third of the total worldwide biotechnology workforce is employed in San Francisco and the surrounding region.
6. Sarasota, Florida
Tourism is the primary element of Sarasota’s economy. A large number of jobs are also provided by manufacturing industries like wood products, industrial parts, electronics and aviation paraphernalia. Software development firms also provide numerous jobs in the Sarasota area. Companies involved in the shipping industry, including citrus, provide employment. Education, healthcare, and social services are also prominent sectors for employment. So, if you are looking to start or relocate your business then Sarasota is the best place to be as it also offers low sales tax rate and 0% income tax and it predicts a future job growth rate of 41.55% over the next 10 years.
7. Nashville, Tennessee
Known as the Music City, Nashville has become a major music recording and production centre. It is also described as “southern boomtown” as it outpaces many other major metros in job and wage growth. Its major industries are automotive manufacturing, energy, film production, healthcare, and manufacturing. According to Business Climate, with its location advantages, low business costs and workforce development programs, the state has created an ideal climate for advanced manufacturing location and expansion. In 2013, the city ranked 5th on Forbes list of the best places for business and careers. In 2015, Forbes put Nashville as the 4th best city for white-collar Jobs. In 2015, Business Facilities’ 11th Annual Rankings report named Nashville the number one city for economic growth potential, making Nashville an ideal place to set up a business.
8. Charlotte, North Carolina
Charlotte has become a major US financial centre with the 3rd most banking assets. The professional, scientific and technical services grew about 9% in recent years, adding some 5800 jobs. The nation’s 2nd largest financial institution by total assets, Bank of America, calls the city home. Charlotte also serves as the headquarters for Well Fargo’s capital markets activities including sales and trading, equity research and investment banking. The Charlotte region has a major base of energy-oriented organizations and is known as “Charlotte USA – The New Energy Capital”. The area is an increasingly growing trucking and freight transportation hub for the East Coast. And it majorly attracts employers because of its low business costs.
9. Atlanta, Georgia
Known as the Empire City of the South, Atlanta grew its job economy by spanning industries including trade, transportation and utilities, professional and business services, government and health services, media and communication, leisure and hospitality, manufacturing, financial activities, construction, information sector, mining, and lodging. Some of the key features of Atlanta include low cost of doing business, most fortunes 500 company headquarters, 1.9M jobs forecasted to be created by 2040, a market for educational attainment. Atlanta is one of the ten US cities that is classified as an “Alpha-World City”.
10. Seattle, Washington
Seattle’s economy is a mix of older industrial companies and new economy including internet and technology companies, service, design and clean technology companies. The city holds the position of the 11th largest metropolitan economy in the United States. Seattle is also a hub for global health with the headquarters of many renowned medical foundations and institutions. A recent study says that Seattle is now the number 3 US city for foreign real estate investors. The city has also gained attention for a consistent job market. So, for those looking for tech and software opportunities, Seattle is an ideal place to start your business.
If you are planning to start or relocate your business in the United States, these are the 10 of the best cities to take a shot. For more information and services on setting up your business in the US, do give us a chance to help you, as our advisors at Business Setup Worldwide are here to guide you with the drill. We commit to take care of all the hurdles lying in your way while forming your business, and shall be more than happy to assist you and be a part of your success journey. For any queries on opening a company in US, do contact us – we’d be happy to help.